It was developed with contractor-heavy businesses in mind. Such businesses typically need to pay their contract workers quickly and accurately. Further, there is also the need to collect W-9 information from contractors to stay compliant, and come tax season, they need to aggregate all payments made to contractors to create 1099s and file with the IRS. The new Contractor Payments tool is intended to handle all of these things.
Using the new solution, contractors can complete their W-9s and provide bank deposit details themselves, and take advantage of built-in format validation powered by the QuickBooks ecosystem, which automates and pre-populates content. The tool also enables contractors to set up and turn on direct deposit themselves, allowing them to receive payment for their work as soon as the next day. All contractor payments automatically sync with QuickBooks Online. Further, Contractor Payments can also complete 1099s for business owners automatically and send them to contractors so they can report their income.
Contractor Payments is available starting at $15 a month.
